Persian Gulf Stocks: Qatar Islamic Insurance, Riyad Bank Moved

Dubai’s DFM General Index (DFMGI) advanced 0.6 percent to 1,482.49, the highest since Sept. 7, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) dropped 0.2 percent.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Arabtec Holding PJSC (ARTC UH) fell the most since Jan. 16, declining 1.5 percent to 2.66 dirhams, on bets a seven-day rally was overdone.

Qatar Islamic Insurance Co. (QISI QD) dropped the most since Jan. 30, retreating 1.6 percent to 57 riyals. The company that offers non-life insurance said full-year profit fell 5 percent to 45 million riyals ($12 million).

Riyad Bank (RIBL AB) advanced to the highest since Aug. 15, rising 1.3 percent to 24.3 riyals. Saudi Arabia’s third-largest lender by market value anticipates 2012 profit will increase as much as last year, boosted by government spending, Senior Vice President Hisham al-Abdali said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net